Post Utme Igbinedion University 2025 Accounting Question 15

Practice objective / multiple choice question 15 from the 2025 Post Utme Igbinedion University Accounting examination.

Post Utme Igbinedion University 2025 Accounting Objective / Multiple Choice
Question 15 POST_UTME_IGBINEDION_UNIVERSITY • 2025 • ACCOUNTING • objective

The following trial balance was extracted from the books of a public sector organization. Prepare the balance sheet and income statement.

Answer Options

A. Balance Sheet: Assets = ₦100,000, Liabilities = ₦50,000, Equity = ₦50,000; Income Statement: Revenue = ₦50,000, Expenses = ₦20,000, Net Income = ₦30,000
B. Balance Sheet: Assets = ₦50,000, Liabilities = ₦100,000, Equity = ₦-50,000; Income Statement: Revenue = ₦20,000, Expenses = ₦50,000, Net Income = ₦-30,000
Correct Answer C. Balance Sheet: Assets = ₦100,000, Liabilities = ₦50,000, Equity = ₦50,000; Income Statement: Revenue = ₦50,000, Expenses = ₦20,000, Net Income = ₦30,000
D. Balance Sheet: Assets = ₦50,000, Liabilities = ₦100,000, Equity = ₦-50,000; Income Statement: Revenue = ₦20,000, Expenses = ₦50,000, Net Income = ₦-30,000
Correct Answer
C
Correct Option:
Balance Sheet: Assets = ₦100,000, Liabilities = ₦50,000, Equity = ₦50,000; Income Statement: Revenue = ₦50,000, Expenses = ₦20,000, Net Income = ₦30,000

About This Question

This is Post Utme Igbinedion University 2025 Accounting Question 15. It is one of the objective questions from the 2025 Post Utme Igbinedion University Accounting examination.

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